Senate Confirms 3 Policy Committee Nominees, 2 CBN Deputy Govs

Ahead of the meeting of the Monetary Policy Committee ( MPC) of the Central Bank of Nigeria ( CBN) , slated for April 3rd , 2018, the senate yesterday expeditiously confirmed appointments of three nominees for the MPC membership and two CBN Deputy Governorship nominees.

In ensuring quorum for the slated MPC meeting, the Senate after confirmation of appointments of the nominees, adjourned for 10minutes and resumed fresh plenary for adoption of votes and proceedings containing the confirmations for onward transmission to the President .

The Senate had penultimate week resolved to screen the four nominees forwarded to it by President Muhammadu Buhari for the MPC positions and two others for the CBN Deputy Governorship positions for the needed quorum having failed to hold on account of lack of quorum in January and this month.

The Screening carried out on Monday by the Senate Committee on Banking , Insurance and other Financial Institutions led to the confirmation of Professor Adeola Festus Adenikinju, Dr Aliyu Rafindadi Sanusi and Dr Robert Chikwendu Asogua as MPC members .

Also confirmed as recommended by the reports presented by the Chairman of the committee, Senator Rafiu Adebayo Ibrahim, were Mrs Aisha Ahmad and Mr Edward Lametek Adamu as CBN Deputy Governors .

The Senate however as recommended by the committee, rejected the confirmation of Dr Asheikh Maidugu as one of the nominees for MPC membership for not demonstrating independent mindedness during his screening.

The committee in the report rejecting Maidugu said : ” The nominee was interviewed by the committee and he responded to the questions asked by the members but the committee was dissatisfied with his response to the independence required for each member of the MPC.

“The committee is particularly concerned that a regular civil servant laddened with bureaucracy and red – tapism may not be independent in his judgement on each crucial decision of the MPC that affect directly the whole economy “

The Chairman of the committee explained that the confirmation of the nominees, will give the needed quorum for the slated MPC meeting on the 3rd of next month.

According to him, the quorum for the meeting is 6 which must comprise the CBN Governor, two deputy governors and at least three MPC members .

“What the Senate has done with the screening and confirmation of these nominees , is to give life to Nigerian economy through sound monetary policies from MPC that had not been meeting since last year for lack of quorum .

“The fourth nominee for the MPC membership rejected by the senate is a civil servant with bureaucratic and red- tapism disposition unlike the three confirmed ones who are university dons that are 100% independent minded”, he said .

The Senate President, Bukola Saraki in his remarks, thanked the Committee for a job well done amd commend the entire senators for the cooperation given in adopting the report expeditiously.

“We promised the country last week that within a week we would carry out this confirmation and we have done this.”, he said .

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